Vadim Blaustein on Real Estate Developments in Monaco
Monaco, home to world-class sporting and entertaining events, continues to be an exceptionally attractive location for wealthy individuals and remains a global centre of commerce. Monaco's security and political stability, and a business friendly environment make real estate in high demand and attract a broad base of global occupiers and investors.
Vadim Blaustein, a resident of Monaco and an experienced lawyer dealing with numerous real state transactions provides an insight into the residential market and property developments in Monaco.
What is the current status of residential properties in Monaco in terms of price?
Vadim Blaustein: Residential property in Monaco has been recorded as the world's most expensive, overtaking Hong Kong to become the most expensive residential estate in the world.
What is the highest sale price per square meter for a residential property?
Vadim Blaustein: The average resale price in 2016 reached €41,400 per sq m and luxury residential prices in Monaco reached €53,000 per sq m in the second quarter of 2017.
Which part of Monaco is the most expensive to buy a property?
Vadim Blaustein: Exclusive properties in Monte Carlo’s Carre d’Or can reach beyond €100.000 per sq m.
Why do high-net-worth individuals choose to buy properties in Monaco?
Vadim Blaustein: Owing to Monaco's security and political stability, Monaco attracts international buyers seeking safety, wealth preservation or a business base.
What is the current of population in Monaco?
Vadim Blaustein: On 31st December 2016, the number of residents was estimated at 37,550. The number of millionaires living in Monaco is expected to reach 16,100 in 2026.
What is the average new-build sale price?
Vadim Blaustein: In 2016, the average selling price of new-build properties in Monaco was €13.7 million. In total, 33 new-build properties were sold in 2016.
What are the other interesting facts about the real estate in Monaco?
Vadim Blaustein: Monaco is taking innovative approaches to new urban developments and is expanding and rebuilding to meet the modern-day occupier demands.
What are the recent and future property developments?
Vadim Blaustein: Tour Odéon was completed in 2016 and is considered to be one the most expensive luxury homes in the world. La Petite Afrique apartments with 'flow through' terraces, designed by Brazilian Isay Weinfield were completed in 2016.
Sporting d’Hiver, designed by Richard Rogers, was redeveloped as a whole new city quarter providing an art gallery, conference centre, as well as residential and commercial space.
What interesting projects can we expect in Monaco in the coming years?
Vadim Blaustein: Monaco’s government has acquired a marina situated in the Italian town of Ventigmiglia - Cala del Forte Marina - to meet the demand for Monaco’s marinas. Expected to be completed in 2019, Cala del Forte Marina will be fully integrated into the Port of Monaco and will offer 171 berths for yachts of up to 60m in length.
In addition, six hectares of land will be reclaimed from the sea for the expansion of the Grimaldi Forum and construction of new villas and apartments, a marina, as well as public space in the form of a park and promenade. This project is due to complete in 2025.
How will Monaco further develop in 2025?
Vadim Blaustein: Monaco is planning for the future in order to cement its position on the global stage. The next decade will see many developments, such as land expansions, building of new marinas, new cultural facilities and public spaces, as well as more than 100,000 sqm of residential and commercial floorspace.
To conclude this interview, we would like to thank you for your time and for sharing with us your valuable insights and expertise.